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TyraTech in need of extra funding, shares plummet

Wed, 11th Jan 2012 09:06

Shares in pest control firm TyraTech took a tumble on Wednesday after it revealed that it has to secure additional funding as a result of unexpected order problems with its US partner.Terminix, which has been TyraTech's North American partner since October 2010, has now suspended the distribution of the SafeShield product. While TyraTech assures that this was not a product performance-related decision, Terminix has decided to wind down its existing inventory to "re-calibrate its product strategy".TyraTech's revenues for the year ended December 31st are now expected to be $7m, and while this is significantly higher than the $4.6m the year before, growth has slowed considerably since the first half. During the first six months of 2011, the company generated $5m in revenues, helped by a +100% increase in the delivery of Terminix products. In other words, second half revenues totalled just $2m.The problems with Terminix are also expected to have an impact on 2012 revenue and operating results. Nevertheless, the company said that pre-tax losses of $2.8m for 2011 are in line with market forecasts. TyraTech is now "seeking greater clarity from Terminix as to the likely demand for future orders.""As a result of the shift in demand which has occurred with Terminix, the Directors have determined that the Company will require additional funding in order to adequately capitalise the business so that it may continue to develop the line of products currently in its pipeline whilst continuing the re-negotiations of the current contract with Terminix," the firm said.Shares were down 23.53% at 19.5p by 09:26.
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16 Jul 2014 17:09

TyraTech does head lice deals with Boots and Superdrug

Life science group TyraTech announced deals with British chemist chains for its head lice treatment and raised £3.5m in a share placing. TyraTech, which focuses on nature-derived insect and parasite control products, has secured listings for its Vamousse head lice products in Superdrug and Boots st

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16 Jul 2014 11:40

UK MIDDAY BRIEFING: Ashley Foregoes Hard-Fought Share Bonus

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16 Jul 2014 11:24

UK WINNERS & LOSERS: Meggitt Tops FTSE 100 On Airshow Rumour

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16 Jul 2014 09:40

TyraTech Raises GBP3.5 Million In Share Issue For Vamousse Launch

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26 Jun 2014 13:19

UK MIDDAY BRIEFING: House Builders Soar As BOE Stays Calm

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26 Jun 2014 12:21

UK WINNERS & LOSERS: Housebuilders Jump Following BoE Report

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26 Jun 2014 10:34

TyraTech Confident For 2014 On New Products Despite Widened Loss

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19 May 2014 10:12

TyraTech Expands Vamousse Head Lice Range Online Across The US

LONDON (Alliance News) - TyraTech Inc Monday said its Vamousse head lice product line is now available to purchase online across the US. "This milestone represents a significant step in the second phase of the company's commercialisation strategy in the US, after gaining distribution of Vam

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30 Apr 2014 11:56

TyraTech announces US launch of new biocide product

Nature-derived insect and parasite control products developer, TyraTech, has entered an agreement with Novartis Animal Health to launch Natunex, a new line of non-toxic biocides in the US. The new product, which is designed to quickly control the spread of insects in livestock and production animal

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30 Apr 2014 11:16

TyraTech Launches Insect Control Product In The US, Distribution By Novartis

LONDON (Alliance News) - TyraTech Inc said Wednesday that it has launched its insect control product, Natunex, in the USA. TyraTech's Natunex is a line of non-toxic biocides designed for insect control in livestock and production animal facilities, where flies, roaches and other insects can

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24 Apr 2014 12:41

TyraTech Granted Two New Patents By US Patent And Trademark Office

LONDON (Alliance News) - TyraTech Inc said Thursday that it had been granted two new patents from the United States Patent and Trademark Office for its pest control compositions. The first patent covers a range of TyraTech's products to control flies, cockroaches and other insects. It also

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7 Apr 2014 15:46

DIRECTOR DEALINGS: TyraTech Non-Executive And Wife Sell Shares, Buy Shares Into ISA's

LONDON (Alliance News) - TyraTech Inc said Monday that non-executive Director Barry Riley and his wife both sold 124,000 shares each at a price of 11.50 pence per share last Friday. The shares were then immediately repurchased at 11.52 pence each into their respective ISA accounts. Ri

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1 Apr 2014 10:28

TyraTech Head Lice Treatment Rolled Out To Over 4,000 Walmart Stores

LONDON (Alliance News) - TyraTech Inc said Tuesday that its Vamousse head lice treatment has been rolled out to more than 4,000 Walmart stores in the US. "The Board is very pleased that we are currently on schedule both in terms of number of stores and timings of sales for our Vamousse head

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31 Jan 2014 16:35

TyraTech Raises GBP1.87M In Share Placing

LONDON (Alliance News) - Natural life sciences company TyraTech Inc said Friday it has raised GBP1.87 million before expenses in a placing and subscription of new shares. TyraTech said it placed the shares at a price of 5 pence per share. It said the funds raised will be used primarily to a

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7 Oct 2013 16:45

Double director purchase at Northern Petroleum

Northern Petroleum, an oil and gas company, on Monday announced share purchases by two of its directors, one week after the agreement of the sale of its Netherland subsidiary, Northern Petroleum Nederland. Graham Heard, the company's Exploration & Technical Director, purchased 30,000 shares in the

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